Fintech major Pine Labs on Thursday said it has appointed Navnit Nakra as the company’s chief revenue officer.
In his new role, Nakra will be responsible for developing and executing growth strategies, generating new business, streamlining processes to attain efficiencies and maximising revenue streams for the payments business in India, Pine Labs said in a statement.
Prior joining to Pine Labs, Nakra was the chief executive officer at OnePlus for the India region, where he oversaw operations and the overall business strategy. He also worked for Apple, heading the affordability business for India.
Nakra has also spent over 15 years at Citibank, leading commercial solutions groups for India and serving as the regional lead for the ecommerce segment across India, Greater China and Korea.
“I am a strong proponent of digital payments and the overall ecosystem that India is pioneering. I look forward to working with the Pine Labs team and making a meaningful contribution to the ecosystem,” said Nakra.
“Navnit has been a long-time partner of Pine Labs through his previous stints and has a deep understanding of our platform and products. He is a seasoned professional with a wealth of experience in the banking and technology space. I am confident that under his leadership, our organization will further accelerate its growth momentum and reach newer heights,” said Kush Mehra, president and chief business officer, Pine Labs.
Pine Labs was founded by Rajul Garg in 1998, but he later left the company. Its current chairman, Lokvir Kapoor, then took over the firm.
In June, VCCircle reported that Pine Labs was planning to raise a fresh round of funding at a valuation that could be less than the level.
The company has deferred its plan to list on the US bourses. Pine Labs had filed for IPO worth $500 million with the US Securities and Exchange Commission in January last year. But The Economic Times reported last month, citing Pine Labs CEO Amrish Rau, that the company had postponed the plan.
Earlier this year, Pine Labs forayed into the United Arab Emirates through partnerships with local banks and financial institutions, expanding its global footprint beyond India and Malaysia.
Pine Labs has struck several acquisitions in the recent past.
The latest acquisition came in January this year when it acquired enterprise platform Saluto Wellness Pvt. Ltd for an undisclosed amount. It bought Bengaluru-based Setu, an application programming interface infrastructure fintech startup, for around $70-75 million in June 2022 and payment solutions provider Mosambee in April 2022. In February 2022, it acquired payments startup Qfix Infocomm for an undisclosed amount.
